Crude oil futures up on overseas cues

SummaryCrude oil for delivery in December gained Rs 14, or 0.30 per cent, to Rs 4,742 per barrel.

Crude oil futures prices rose by 0.30 per cent to Rs 4,742 per barrel today as speculators created fresh positions amid a firm trend in Asia.

At the Multi Commodity Exchange, crude oil for delivery in December gained Rs 14, or 0.30 per cent, to Rs 4,742 per barrel, with a business turnover of 5,870 lots.

The oil for January delivery moved up by Rs 13, or 0.27 per cent, to Rs 4,801 per barrel, with a business volume of 1,303 lots.

Marketmen said the rise in crude oil futures was largely in tandem with a firming trend in Asia on expectations of a hike in Chinese demand after a key survey showed its manufacturing activity hitting a 14-month high in December.

Meanwhile, crude oil for January delivery advanced by 23 cents to USD 86.98 a barrel on the New York Mercantile Exchange.